Insurance Blog's

Who owns insurance data?


This post is part of a series sponsored by AgentSync.

When implementing a new technology solution, we assume that you own the data and can easily access it from within that system. This is not necessarily the case. If you read the fine print, you may find that you can’t access your data, or you can’t access your data at all!

Sure, you probably legally own your data. They may have written in writing that you can export a bunch of CSV files or whatever you have if you step away from the software service you subscribe to. But do you own your data? Can you use it to better understand your business, your customers, your producers and your processes? Because you really own your data.

Insurance is driven by data

ROI, NPS, CBA… turn times, lagging indicators, leading indicators… Data drives decision making. Nowhere is this more concrete than in insurance, where the basic idea of ​​the business is based on actuarial formulas.

However, when it comes to internal processes, data is often unstructured, thus captured in the black box of the operation. It may be information that resides in manually maintained systems such as spreadsheets, customer relationship management (CRM) software, faxes, and physical paperwork. It can also be information that teams have migrated to digital software, such as contracts or insurance company compliance systems.

Great companies use data to understand their customers, producers and staff. This is perfectly true for internal processes as well as claims payments and customer service. Unlocking your data means better understanding the answers to questions like:

  • Where are the process bottlenecks?
  • Are you staffed enough to do your job? Or are there complications from over/understaffing?
  • Is there a drop-off point where your business is most likely to lose producers or customers?

If you are thinking of using data-driven decision makingaccess to data is not only important, it is essential.

Unfortunately, when it comes to internal operations, too many organizations rely on intuition and a trench mentality to make decisions. And many organizations don’t even know where and how to get the information they need to make the right choices.

This kind of lack of visibility is not only Avoiding silos (although it’s objectively nice). Also, data privacy, ownership of business insights, Avoid regulatory failures by protecting personal information.

So who owns your data? The answers to these questions can reveal even more about access to your information.

Where is your data stored?

This may seem like a very simple question or a very complex question, depending on whether you are using a series of manual entry processes or have a single source of information.

For carrier contract data, this may be present in any combination of:

  1. Contract management apps like DocuSign
  2. legal team email
  3. operations team spreadsheets and
  4. System of carrier and agency partners

For compliance data, the information can be stored in state databases, client management systems, e-mails, piles of paper in fax machines, or (for the love of Mike, I hope this doesn’t happen, but I don’t know what’s actually happening). I know). Sticky notes on someone’s desktop.

Finding where the data resides at any given moment can be a daunting task if you’ve been doing it manually. If you have a database, such as a compliance management solution or contract software, you need to better organize your data.

Where and how the data is organized is important for knowing who owns the data. When your team collects and analyzes producer data and it takes hours or days to understand onboarding bottlenecks and stutter-step contracts, you don’t own the data, the data belongs to you. you own (even if you legally own it). that).

Does your team maintain data?

This question may be presumptuous. Clearly, data collection requires some maintenance to keep the information up-to-date. However, owning the data may depend on where its maintenance comes from.

If you have to manually request data updates from producers, state governments, or other entities, you may not own the data.

If you let a third party handle all your data maintenance, then whether you “own” the data depends on how you subsequently access it. If you have to go to great lengths to get reports and alerts on important information, your ownership is probably nominal. Like how I “own” a stationary bike at my sister’s house.

An authoritative source (purely hypothetical example, integrated with the National Insurance Producer Registry) that automatically updates information, whether updates come from producers, carriers, or state governments. compliance software, etc.), you are very close to owning your data. In this case, your team doesn’t have to do much work to keep the information up to date, but the latest available data is at your fingertips! ideal in terms of

How much does it cost to access data?

Accessibility is definitely proprietary.

This is the most vexing question in terms of who owns the data. If you have software that organizes data and collects it into standardized data fields that you can easily compare, and that service provider gatekeepers that data (you enter and maintain it, and you pay SaaS to organize it). data), so who owns that data?

Software companies often promise to organize your data and give you more insights to make informed decisions. Still, it’s worth asking how you can access the aforementioned insights.

Do you have software that provides a set of standardized reports out of the box, but then you want more nuanced information? You can analyze how transparent your SaaS partners are about their costs all at once Depending on your level of data, that may still be acceptable. However, if you are using a software provider that charges for each report, you may not “own” the data.

How hard is it to get custom reports?

Similar to the previous question, carriers, distributors, and even MGAs that use third-party software as a service may have different experiences and expectations depending on the vendor.

Some software vendors have tons of common reports that users can easily generate with the push of a button, while managing reports that require more certification points and nuances. Some charge per report regardless of how detailed, specific, or custom the report needs to be.

Who will use your data and how?

Facebook mines your data for advertisers and engagement. Google uses your data to improve our products and influence decisions about everything from restaurants to fashion choices. Everyone has a guess as to the downside of these unlimited data points. Of course, if they can’t access and analyze their own organization’s data, who can? And what are they going to do with it?

Industry-wide data insights from compliance SaaS providers despite having to pay through the nose to understand basic behaviors about producers and typical timelines for completing internal processes , it begs the question: who really owns your data?

Process data: once you have it, what can you do with it?

If the answers to the previous questions have convinced you that you own the data, you should ask yourself if you are using the data effectively. For Producer Compliance Data, we have reviewed his case of effective use by carriers, MGA, and agencies to use and publish data.

  • The path of least resistance to distribution growth for both vertical and horizontal businesses by analyzing producer LOA
  • Which onboarding processes are causing producer churn and could be targeted for improvement
  • Backlogs and how to address them through process or team changes
  • Compliance gap
  • Areas that increase the efficiency of paid services (think unused licenses and unproductive producer appointments)

In short, if it’s your data, it should work for you. And if you’re an AgentSync customer, yes.

AgentSync works out-of-the-box with Manage products, with built-in basic reports including scorecards that provide at-a-glance compliance across insurance companies. Also, there is no cost for additional reports. You don’t just own your data in the literal sense, AgentSync lets you own your data: how to break it down into smaller pieces for the best insights to make data-driven business decisions. You can decide… to see how AgentSync’s suite of products can help you better manage your internal processes and provide insight into your own data. See our solutions.

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